Bitcoin price technical analysis - Buy and sell prices for June/July
A technical look at the Bitcoin price
Bitcoin has been up and down this month - breaking to new highs, but also facing sharp sell-offs and dips. As I write, the price is $2270 on Bitfinex, the exchange I trade on.
Without further ado, let's have a look at a technical analysis for Bitcoin over the last month, and see where it may head to in the new month.
What do the charts say?
The chart above shows 1 hour candles of Bitcoin's price, over the month of June 2017 - from June 1 until the date of publishing, June 26.
Coming into this month, Bitcoin was priced around $2300, and then saw a steep rise to around $2800 (even $3000 on some exchanges) at which point it was met with a harsh resistance. Since then, the price has been bouncing around this channel, and because of this, we have been able to identify reliable points of support and resistance.
The $2250 support
It was around this price that Bitcoin started the month on, and since then, this has shown to be a great area for buying, as Bitcoin seems to receive immense support around this zone. I have added these to the chart above accordingly. Right now, we are about to fall into the "buy zone", as the price is at $2270.
The $2800 resistance
It seems that every time in the last month that Bitcoin tries to break through this zone, it gets met with a resistance that is still too strong to be broken. Because of this, this area remains a great selling zone. I assume this zone will be broken eventually, once scaling on Bitcoin moves ahead smoothly. However, for now, the resistance remains. Again, refer to the chart.
One thing to note
Amidst the recent decline of the entire cryptocurrency market cap, and all the prices going down, Bitcoin appears to be the most resilient, and is feeling the sell-off the least. This ensures that Bitcoin is the most resilient cryptocurrency of them all.
In conclusion
Buy at around $2250, it seems to be a safe zone of support. From there, we could run up to $2800 again, at which point you need to decide if you want to take profit. In my opinion, if scaling goes ahead smoothly, we should easily break the resistance and carry on to new all-time highs!
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Thanks so much for your analysis. Great to have people like you sharing their insights. We will see what happens at the end.
Thank you for your kind words :)
Hey there CC, i like the chart with buy zone and sell zone. Keep 'em coming!
Cheers!
Thanks for the comment! Hope you found this post helpful!
Thanks for the insight!
Always a pleasure, hope you found this helpful!
We need to test around $1300 imo
Hmm, we haven't seen those prices since March. It's possible though if a couple of whales dump, but I doubt it - everyone is optimistic for August/SegWit.
So many new people in this market can get shook out once price keeps moving down and cause big swings. Prices can easily go that low. It went from 2500 to 1500s in 2 days just a couple months ago.
I personally don't think we will go back to 1300, but if we do, I'll buy like hell!
Good analysis. It falls in line with my thinking at the moment. Usually when everyone starts to panic and their is blood on the streets, we're done going down!
Exactly!
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